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Christmas bonus for top ten

RBS hands £1.9 million in shares to senior managers

Royal Bank of Scotland has handed £1.9 million worth of shares to 10 key staff below board level.

The annual allocation sees finance officer Ewen Stevenson receive the largest allocation worth £268,712 of which he has sold just over half. The chief executive of the so-called “bad bank” Rory Cullinan received – 67,982 – worth £266,666 at the £3.9226p price struck. He has sold just under half the shares.

Those entitled to the shares are known as “code” staff, technically “persons discharging managerial responsibility” (PDMRs), and they must be identified as part of the reforms of banking following the financial crisis.

Mr Cullinan became chief executive of the RBS Capital Resolution Group on 1 January.

CRG was set up to sort out or exit the businesses and toxic assets and much of the work involved in winding down a £248 billion mountain to £40bn has been completed. Mr Cullinan’s role also includes the IPOs for the US ban Citizens and the reconstituted Williams & Glyn.

The full list of those receiving shares is as follows.

 

PDMR

No. of Shares delivered

No. of Shares sold to satisfy associated tax liability

No. of Shares retained

Elaine Arden

24,431

11,500

12,931

Rory Cullinan

67,982

32,000

35,982

Leslie Matheson

46,738

22,000

24,738

Simon McNamara

50,987

24,000

26,987

Jonathan Pain

25,493

12,000

13,493

Alison Rose

50,987

24,000

26,987

David Stephen

50,987

24,000

26,987

Ewen Stevenson

68,549

32,267

36,282

Christopher Sullivan

59,484

28,000

31,484

Donald Workman

42,489

20,000

22,489

 

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